3 min readOIL (WTI/USD | BRENT):
In my report on OIL last week, I expressed interest in how price action would behave within the areas of interest I highlighted. As shown, a basic tool like the Fibonacci retracement, specifically the key 50% level, can be effectively used in your trading strategy to identify opportunities. The price moved into that zone, which aligns closely with the previous support area that failed to hold and is now acting as resistance.
Looking ahead, there are no indications on the RSI that the price is “oversold.” I’m interested to see how the price action unfolds throughout the rest of the week, particularly how it responds to the support level around $66.50.
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